Establishes Health Workforce Australia as an independent statutory body to implement Council of Australian Governments (COAG) health workforce initiatives agreed to in November 2008 including funding, planning and coordinating clinical training, supporting clinical training supervision and health workforce research and planning, funding simulation training, and providing advice to Health Ministers. Also contains a regulation making power.

Introduced with the Healthcare Identifiers (Consequential Amendments) Bill 2010, the bill establishes the national e-health Healthcare Identifiers Service to provide that patients, healthcare providers and provider organisations can be consistently identified.

The bill: establishes the Higher Education Endowment Fund (HEEF) to generate earnings for capital expenditure and research facilities in higher education institutions; grants the Treasurer and Finance Minister the power to credit cash amounts to the HEEF; grants the Future Fund Board of Guardians (the Board) statutory responsibility for managing the investments of the HEEF; expands the Future Fund Management Agency’s operational activities to provide executive support to the Board and be responsible for the operational activities associated with the investment of the HEEF; requires responsible ministers to issue an Investment Mandate to the Board regarding the investment of the HEEF and determine rules for the maximum level of payments from the HEEF; and establishes the Higher Education Endowment Fund Advisory Board to advise the Education Minister on matters related to the making of grants to eligible higher education institutions.